Fisheries Economics

6.1.3. Important concept of National Income

6.1.3. Important concepts of national income

(1) Gross Domestic Product (GDP)

The Gross Domestic Product is the value of the final products produced in a country and valued at market prices. It is the market-value of all final products from the different sectors. However, a part of the crop is retained for consumption or investment. It is known as gross retained output.

GDP	=	GRO + (X-M)
where,
GDP	=	Gross Domestic Product
GRO	=	Gross Retained Output
X	=	Exports
M	=	Imports